Yes, in this context, it could be translated as "you're welcome", "don't mention it", "it's my pleasure", "no problem", "no worries", "not at all", etc. All are alternatives and will be used when you receive a favor from people. Khrap (ครับ)/Kha (ค่ะ) at the end will immediately make everything formal.

But in another context, mai pen rai (ไม่เป็นไร) means "it's alright", "it's OK", "that's fine", "it doesn't matter", "it doesn't bother me". These will be used when you have done something wrong or make a mistake that cause people trouble or feel like a burden.